Spike In Rates At Trump DC Hotel Helped Reverse Expected Losses

Donald Trump

It's not the only Trump property that has benefited financially from its namesake's presidency.

President Donald Trump's Washington, D.C. hotel had a lower occupancy rate than the industry average in the first four months of 2017, but it more than made up for that by charging significantly higher rates than projected after Trump won the presidency, the Washington Post and Wall Street Journal reported.

President Trump's Washington, DC, hotel wasn't supposed to be profitable in the first four months after it opened - at least that's what the Trump Organization projected.

The Trump International Hotel in DC has brought in nearly $1.97 million in profit since the start of 2017, the Washington Post reported Friday.

The average daily room rate in the Trump hotel was $660.28 from January to April, while similar hotels charged $495.91, according to the Journal.

A December report by the Brookings Institution co-authored by Norman Eisen, who was the chief White House ethics lawyer from 2009 to 2011, detailed concerns about conflicts of interest between Trump's business ties and his role as president.

In November, a Chinese diplomat told the Washington Post: "Why wouldn't I stay at his hotel blocks from the White House, so I can tell the new president, 'I love your new hotel!' Isn't it rude to come to his city and say, 'I am staying at your competitor?' " While only a few months ago, Saudi lobbyists spent around $270,000 in accommodation and catering fees for USA veterans who the firm retained as part of a campaign to influence politicians.

"The Trump hotel seems to be able to profit off a much smaller group, even though it is more than half empty".

The recent revelations in the property's finances are from documents posted on the Government Services Agency (GSA) website.

Republicans, members of the president's cabinet and the president himself have made appearances at the hotel, which is located in Washington's Old Post Office Building. But room rates don't tell the whole story: The hotel made $8.2 million on food and drinks, which was 37% higher than projections and accounted for more of the revenue than a non-convention-center hotel typically sees, per analysts.

The constitution's emoluments clause bars public officials from accepting payments from foreign governments, which the Trump Org wasn't tracking as of late May.



Other news